Fitch's stress and rating sensitivity analysis are discussed in the new
issue report titled 'AABS Limited Asset Backed Secured Term Loan, dated
Jan. 16, 2013, which is available on Fitch's web site.

The loans to AABS are backed by payments pursuant to operating leases
and disposition proceeds on a portfolio of 26 narrowbody commercial
aircraft manufactured by Airbus and Boeing. GE Capital Aviation Services
Limited (GECAS) will act as servicer of the assets, responsible for
ongoing leasing activities, including remarketing and servicing of new
leases, procuring maintenance and disposition of the aircraft as
directed by the board of AABS.

Quality of the Portfolio: The pool is of high quality comprised by a
majority of young tier 1 aircraft (in-production, in-demand aircraft
types) with generally long expected remaining useful lives. The
transaction also benefits from a long average remaining lease term,
which limits releasing risk.

Technological Risk Related to the Assets: Despite their current
popularity, the pool is composed entirely of narrowbody aircraft that
face replacement programs in the latter half of this decade. Fitch
expects that the large operator bases and long lead time to replace
these assets will partially mitigate this risk.

Cyclicality of the Commercial Aviation Industry: Commercial aviation has
historically been subject to significant cyclicality stemming from
macroeconomic downturns. These periods are typically marked by reduced
asset utilization, values and lease rates. Fitch's analysis assumes
multiple periods of significant volatility in asset values and lease
rates over the life of the transaction.

Structure, Credit Enhancement and Cash Flow Stress Results:

Credit enhancement (CE) is primarily comprised of overcollateralization
(OC) and a liquidity facility. The transaction also benefits from
various performance triggers which could accelerate amortization. Fitch
created multiple cash flow scenarios to evaluate the structure, as
detailed in this report.

Heavy Servicer Reliance: AABS will depend on GECAS's ability to collect
lease payments and maintenance reserves, remarket and potentially
repossess aircraft following lessee default, and procure maintenance,
among other functions, which are all crucial to the assets' values and
transaction performance. Fitch believes GECAS, a leading aircraft
lessor, is capable of performing these functions on behalf of AABS.

The proceeds of the offering by AABS will be paid primarily to
affiliates (or associated trusts) of GECAS selling the aircraft to AABS.
GECAS is a wholly owned subsidiary of General Electric Capital
Corporation (GECC), whom in turn is a wholly owned subsidiary of General
Electric Company (GE; Not rated publicly by Fitch).

Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

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